Ultimate Electronics closing all Arizona stores, going out of business

Posted: Updated:
By Catherine Holland By Catherine Holland

CHANDLER, Ariz. (AP) -- TV and appliance retailer Ultimate Electronics has announced it is closing all of its Arizona stores and is going out of business. The company says it is cutting prices on remaining merchandise.

The national electronics chain has stores in Phoenix, Chandler, Scottsdale, Glendale and Tucson.

The East Valley Tribune reports the company says that all stores will honor existing gift cards for the duration of clearance sales and returns will be accepted on purchases made before Feb. 11 with a receipt as long as they meet the company's return policy.

Ultimate Electronics opened in 1968 in Arvada, Colo.